Seven Ways to Make a Strong Estate Plan
Published On: July 21, 2018 by TCK
Did you know that when your estate goes into probate it automatically loses value? Depending on the estate, that loss can be an estimated five percent. Your estate can also wind up tied up probate courts for years depending on your family circumstances and the strength of your planning. So, how do you make a strong estate plan that can keep these events from happening? Seven Steps to a Strong Estate Plan Make a List of Your Assets – When they pass, some people don’t let their families know what accounts and assets they hold. Considering this digital age where...
They may not be people, but we do consider them family. Dogs, cats, birds and other pets that we feed and nurture can become a big part of our lives. But what happens when these loyal companions outlive us? Is there any way for us to secure care for them in our estate plans? What Happens to Our Pets After We Pass? Have you thought about what will happen to Fido—or your other pets—after you have passed? Many people don’t, and so these cherished family members are often left out of estate planning. When this happens, and a pet owner...
Most courts will assume that a grown adult has the ability to make one’s own financial decisions. However, if an adult becomes incapacitated, a court can direct the appointment of a conservator. A conservatorship refers to a court decision where a person or an organization known as the conservator is elected to watch over the financial affairs of a person. It is important in these situations to know when the court creates a conservatorship and under what circumstances. Why Would a Conservatorship Be Created? A court will decide to appoint a conservator for an elderly adult only in certain situations....
One benefit of having a trust is the fact that each trust can be unique and flexible to a person’s needs at that time. Some trusts can hold a limited amount of property and must be terminated a short time after the grantor’s death. Other trusts can hold millions of dollars worth of property and can provide assets to beneficiaries for many years. The amount of administering a trust requires can vary according to different factors, such as the type of trust, the number of beneficiaries, the amount of property in the trust, and much more. What Does the Trust...